WaterBridge Infrastructure LLC-A 2025年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the quarterly period endedSeptember 30,2025OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 WaterBridge Infrastructure LLC 33-4546086(I.R.S. EmployerIdentification No.)77056(Zip Code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject tosuch filing requirements for the past 90 days. Yes☐No☒Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‑T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non‑accelerated filer, a smaller reporting company,or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerginggrowth company” in Rule 12b‑2 of the Exchange Act. Large accelerated filerNon‑accelerated filerEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes☐No☒ As of November 12, 2025, the registrant had43,264,850Class A shares and80,190,150Class B shares, outstanding. TABLE OF CONTENTS PART I – FINANCIAL INFORMATION Glossary2Cautionary Statement Regarding Forward Looking Statements4Item 1.Financial Statements (unaudited)7 WaterBridge Infrastructure LLC Condensed Consolidated Balance Sheets7Condensed Consolidated Statements of Operations8Condensed Consolidated Statements of Shareholders' and Member’s Equity9Condensed Consolidated Statements of Cash Flows11Notes to the Unaudited Condensed Consolidated Financial Statements12 WaterBridge Equity Finance LLC Condensed Consolidated Balance Sheet33Condensed Consolidated Statements of Operations34Condensed Consolidated Statements of Changes in Mezzanine Equity and Members’ Equity35Condensed Consolidated Statements of Cash Flows36Notes to the Unaudited Condensed Consolidated Financial Statements37Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations52Item 3.Quantitative and Qualitative Disclosures About Market Risk93Item 4.Controls and Procedures94PART II ‑ OTHER INFORMATION Item 1.Legal Proceedings95Item 1A.Risk Factors95Item 2.Unregistered Sales of Equity Securities and Use of Proceeds124Item 3.Defaults Upon Senior Securities124Item 4.Mine Safety Disclosures125Item 5.Other Information125Item 6.Exhibits126Signatures128 PART I – FINANCIAL INFORMATION GLOSSARY The following are abbreviations and definitions of certain terms used in this document, many of which are commonly used in theindustry: Bpd or Bbl/d. Barrels per calendar day. Brackish water. Water with salinity levels between seawater and freshwater. CAGR. Compound annual growth rate. Completion. The process of preparing a well for the production of oil and gas by injecting high-pressure fluids mixed withproppants to create fractures in reservoir rock to enhance permeability. Crude oil. A mixture of hydrocarbons that exists in liquid phase in natural underground reservoirs and remains liquid atatmospheric pressure after passing through surface separating facilities. Delaware Basin. A geological depositional and structural basin in West Texas and southern New Mexico, which is a part of thePermian Basin. Desert Environmental. Desert Environmental LLC, a Delaware limited liability company and portfolio company of fundsaffiliated with Five Point. Desert Holdings. Desert Environmental Holdings LLC, a Delaware limited liability company. Devon Holdco. Devon WB Holdco L.L.C., a Delaware limited liability company. E&P. Oil and natural gas exploration and production. E&P companies. Oil and natural gas exploration and production companies, including producers and/or operators. Elda River. Elda River Infrastructure WB LLC, a Delaware limited liability company. Five Point. Five Point Infrastructure LLC, a Delaware limited liability company and our legacy financial sponsor. GAAP. Accounting principles generally accepted in the United States of America. GIC. Ashburton Investment Private Limited, an affiliate of Singapore’s sovereign wealth fund. Incentive Units. Management incentive units consisting of time‑bas